EURUSD Weekly Forex Forecast – 20th to 24th Nov 2017
Technical Outlook: EURUSD posted strong gains last week as price action invalidated the bearish flag pattern and reversed losses. Breaking past the short term resistance level of 1.1691, EURUSD managed to quickly recover to reclaim the 1.1800 handle. The rally lasted as the currency pair briefly touched the main resistance level near 1.1850 before easing back promptly. We expect that in the near term, the consolidation will continue as EURUSD could be seen moving in a range within 1.1850 and 1.1700 levels. However, watch for the potential bullish flag pattern that could be validated when EURUSD breaks past the 1.1850 resistance level. This will put the currency pair on path to post further stronger gains.
Fundamental Outlook: The week ahead is relatively quiet as far as data from the Eurozone is concerned. We will get to see the flash manufacturing and services PMI which will offer a preliminary glimpse into the economy at an early stage. However, with economic activity in the Eurozone forecast to pickup momentum, we do not see any major deviations to both the manufacturing and the service PMI levels. Germany’s final GDP figures for the third quarter will be published and no major changes are expected. The German central bank will releasing its monthly report that could offer some insights into the economic activity in the region.
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EURUSD Weekly Forex Forecast – 20th to 24th Nov 2017
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